Fiat bets big on Indian car market; aims 8 pc share by 2015

PTIJun 17, 2009, 06.29pm IST

NEW DELHI: Betting big on the India, Italian car major Fiat on Wednesday said it plans to sell over two lakh cars in the domestic market by 2015 and capture 8 per cent of the total passenger car segment by that time.

The car major today launched its much-awaited premium small car 'Grande Punto' in both petrol and diesel variants in the Indian market, priced between Rs 3.99 lakh and Rs 6.11 lakh (ex-showroom, Delhi).

"We want to be an important player in India. We are looking at achieving sales of 70,000 cars by end of 2010 and hope to increase it by three times during the following five years to cross the figure of two lakh units annually," Fiat Group Chief Operating Officer (International Operations) Silverio Bonfiglioli told reporters here.

The Indian passenger car market is estimated to touch 25 lakh mark by 2012 and Fiat, which sold over 8,000 cars last fiscal, is expecting to capture 8 per cent of the market then, he added.

"The future of automobile market lies on BRIC (Brazil, Russia, India and China) countries, which will compensate the slowdown in Europe and the US," Bonfiglioli said.

Fiat India Automobiles (FIAL), a 50:50 joint venture between Italy-based Fiat SpA and domestic auto major Tata Motors, has its production facility in Ranjangaon with a capacity of two lakh cars and three lakh engines per annum.